Report: Top 3 IDC Execs To Quit
TOKYO (AP) _ The three top executives of Japanese phone carrier International Digital Communications Inc. will resign from their posts Tuesday following a takeover by Britain’s Cable & Wireless PLC, according to a local news report.
The three are President Taketo Furuhata, 69, Chairman Gentaro Tsuji, 78, and Vice President Toshio Horiuchi, 65, Kyodo News agency reported Monday, citing sources close to IDC.
The most likely successor to Furuhata is Cable & Wireless Japan Ltd. Chairman Simon Cunningham, 39, the report said.
An official at IDC would not confirm the report Tuesday morning, saying that the announcement of any personnel changes would be made following a stockholders’ meeting scheduled for later in the day.
Cable and Wireless announced earlier this month that it would take a 97.69 percent stake in the Japanese carrier, beating out Nippon Telegraph and Telephone Corp. in a five-week bidding war.
The takeover _ the first to give a foreign firm a controlling stake in a Japanese phone company _ will cost Cable & Wireless $450.8 million in cash to buy the 82 percent of IDC that it does not already own.